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Local conglomerate Van Thinh Phat has reportedly entered a partnership with Pavilion Group and Genting Group from Malaysia to develop a US$6 billion complex of entertaining and housing projects in Ho Chi Minh City.

Officially known as Saigon Peninsula, the complex will cover 118 hectares in District 7 to house a multi-purpose park and a wharf, besides hotels, villas and apartment buildings, news website VnExpress reported Thursday, citing a memorandum of understanding on the partnership signed the day before.

South Korea's engineering companies Posco E&C and Hyundai E&C have been assigned as the contractors of the giant project, which has been approved by the People's Committee of Ho Chi Minh City, it said.

It is unknown when construction will start.

Pavilion Group is a known developer of large-scaled and mixed-use shopping malls in China and Malaysia, while Genting Group is one of the biggest operators of casinos and resorts in Southeast Asia.